The S&P / ASX200 (ASX: XJO) is around 0.25% lower in lunchtime trade today, but there are a few shares jumping higher for different reasons. So let's take a look at what may be causing some of today's market movers to catch a bid.
The Nextdc Ltd (ASX: NXT) share price is up 4.4% to $6.24 after the data centre operator reportedly had a bullish $8 share price target slapped on it by investment bank Goldman Sachs. NextDC has been investing heavily in constructing new data centres as it's seeing strong demand from enterprise customers for data storage capacity. This is no surprise when you consider just how much data companies will create today and going forward. If Goldmans is correct the stock could zoom close to 30% higher in the year ahead.
The CSL Limited (ASX: CSL) share price is up 1.6% to $182 in trade today despite the blood products maker releasing no specific news to the market. CSL shares are down around around 21% since hitting highs above $230 in September 2018. The company is forecasting profit growth of 10%-14% in FY 2018 and also reinvesting heavily in the business. It remains Australia's largest healthcare business with a market cap over $80 billion.
The Fortescue Metals Group Limited (ASX: FMG) share price is 2.9% higher at $3.96 today, although the WA-based iron ore miner has released no specific news to the market. On November 15 and 21, Fortescue's CEO Andrew Forrest spent a total of $23.194 million buying 1.059 million shares on market. This suggests he feels the stock is significantly undervalued and it often pays to follow director buying or selling.
The Qantas Airways Limited (ASX: QAN) share price is up 2% to $6.04 today probably as investors think that falling oil prices could help lift the airline's bottom line out to FY 2020. Qantas recently flagged that a record financial quarter ending September 30 2018 would help offset its rising fuel bill in FY 2019. In fact for the quarter, total revenue was up 6%, with the value of forward bookings up 8%. The airline industry is traditionally not a great one for investors, but Qantas's record breaking performance is impressing the market.
